Report Summary 1. Company Background - Valterra Platinum, formerly Anglo American Platinum under Anglo American, was spun off on May 31, 2025, and listed in Johannesburg and London [1]. 2. Investment Rating - Not provided in the report. 3. Core View - The report presents Valterra Platinum's Q2 2025 production and sales data of platinum - group metals, showing a decline in overall production and sales compared to the same period last year, with varying performance across different mines [2][10][14]. 4. Specific Content Summaries 4.1 2025Q2 Platinum - Group Metal Mine Production - Total PGM (5E + gold) mined metal volume decreased by 9% year - on - year to 769,000 ounces, with platinum and palladium production down 17% and 10% respectively [2]. 4.1.1 Self - produced Mines - Amandelbult mine: PGM production dropped 55% to 70,200 ounces due to floods in February 2025. The annual production is expected to be 450,000 - 480,000 ounces, down from 580,000 ounces in 2024 [2][3]. - Mogalakwena mine: PGM production increased by 1% to 234,300 ounces due to higher concentrator output [4][5]. - Mototolo mine: PGM production rose 2% to 67,500 ounces, benefiting from a seven - day mining shift system and improved ore processing efficiency [5][6]. - Unki mine: PGM production decreased 2% to 53,800 ounces because of low ore grade and unstable power supply [6][7]. - Modikwa mine: Self - produced PGM increased 6% to 38,300 ounces, but the increase was partially offset by lower recovery rates [7][8]. 4.1.2 Purchased Mines - Total purchased PGM decreased 18% to 304,900 ounces. The change in Kroondal's ownership and processing method led to a significant year - on - year decline in purchased PGM. Modikwa mine's purchased PGM increased 6% to 38,300 ounces [8][9]. 4.2 2025Q2 Platinum - Group Metal Refined Production - Refined PGM production decreased 17% to 954,000 ounces year - on - year, mainly due to reduced self - produced ore supply and the exclusion of Kroondal's toll - processing volume. Platinum and palladium refined output decreased 18% and 23% respectively [10][13]. 4.3 2025Q2 Platinum - Group Metal Sales - PGM sales decreased 22% to 981,500 ounces year - on - year. After excluding Kroondal's data in Q2 2024, the decline narrowed to 17%. Platinum and palladium sales decreased 19% and 34% respectively [14][15]. 4.4 2025 Platinum - Group Metal Production Guidance - Valterra Platinum expects to produce about 2 million ounces of mined PGM, purchase 1 - 1.2 million ounces of concentrates, and refine 3 - 3.4 million ounces of PGM in 2025 [16].